Gemfields chief: Mozambique deal "unlikely to be our last"
Ambitious Gemfields (LON:GEM) unveiled plans to acquire ruby exploration licences in Mozambique.
The deal, to acquire 75% of two mining titles for £1.1mln (US$1.75mln) each, emerged at the same time as the company invited investors to vote on its £89mln Faberge acquisition.
Gemfields will initially buy one of the licences, which are in Cabo Delgado province next to the company's Montepuez ruby mine.
Chief executive Ian Harebottle said: "The conditional agreement announced today has the potential to significantly expand our footprint in what we believe to be an exciting large scale ruby province.
"We are particularly pleased to be able to provide this update to our shareholders given the considerable progress we have already made.
"The early indicators from the ongoing bulk sampling at our adjacent Montepuez project are encouraging.
"We have received positive support from both the regional and national Mozambican authorities for our activities to date and I have little doubt that this, our second project within Mozambique, is unlikely to be the last and that the continued expansion and development of our Mozambican operations will prove to be a key element of Gemfields' continuing growth strategy."
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